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Old 04-21-2011, 09:34 AM
 
Location: Westchester County, NY
1,602 posts, read 1,915,997 times
Reputation: 1548

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One of the posts below got me thinking...once I decided I wanted to buy a co-op, I pretty much assumed that I wouldn't be able to use any of the first time homebuyer programs for down payment assistance (FHA or SONYMA....I make too much for the NYC program).

Would a co-op in the city that isn't part of a lottery, etc accept this? Or would they still require you to have the 20%?

I have resigned myself to this, and waiting until I've saved enough...but that looks like it'll be a few years longer than I would prefer. Hoping to buy in 2-3 years, not the 4-5 it'll take me to save up enough for DP, closing costs and 9 or so months of reserve. So obviously if there's a program I am eligible for, I want to take advantage.
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Old 04-21-2011, 02:13 PM
 
Location: Pelham Parkway
518 posts, read 1,580,325 times
Reputation: 267
I am currently waiting on SONYMA apprvoval for a unit- SONYMA is a great program, and if you are lucky (read: have a great buyer rep) you can find co-ops that accept 5% down! - There is also down payment assistance - if you are a 1st time home buyer that has no interest and if you stay in your place for 10 yrs you dont have to pay it back!

I would say your first step is to find a buyer rep - then lay out your plan to him/her - it is vital they are experiences in co-op and SONYMA exp - My guy hooked me up with a mortgage broker who is exp in SONYMA mortgages and we managed to find a few units in our desired nabe.

- I will say , it is very hard to find good stable buildings willing to take SONYMA, and then willing to take 5% - and it takes a lot longer for the process because there is a middle man (the govt) but the pay off is a very low down payment, and the chance to own shares in a building.
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Old 04-21-2011, 02:45 PM
 
Location: Westchester County, NY
1,602 posts, read 1,915,997 times
Reputation: 1548
Thank you very much! So basically, it's possible, but will entail a lot more work...gotcha. I can deal with that...I've got nothing but time right now...

I see that you are in Queens...I am planning on looking in Jackson Heights, Sunnyside and Woodside. Do you think I would have a decent chance of finding units in buildings that would be "willing to play" in these areas?

Also, since you are going through it now...any advice/tips/insight you'd be willing to share would be much appreciated!
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Old 04-21-2011, 09:24 PM
 
12,340 posts, read 26,135,160 times
Reputation: 10351
Check out NHS First Time Homebuyer Program
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